September 28, 2007
The Financial Accounting Standards Board ("FASB" or the "Board") Staff Position on FIN 39 (FIN 39-1: Amendment of FASB Interpretation No. 39 (the "FSP")) clarifies that the fair value of receivables and payables recognized upon payment or receipt of cash collateral in connection with derivative master netting arrangements can be offset against the fair value of derivative assets or liabilities subject to the same master netting arrangement. The FSP also amends FIN 39 to no longer permit offsetting of non-derivative conditional contracts.
